Wood Coatings Market Growth Analysis by Size, Share, News, Demand, Opportunity Forecast 2022-2031
Japan, Japan, Fri, Mar 11 2022 03:30:05 / Comserve Inc. / – Wood Coatings Market with key country data, industry analysis, size, share, revenue, major players, developing technologies , trends and forecasts
The wood siding market is expected to register a CAGR of over 5% during the forecast period. One of the major drivers of the market studied is the growing production of furniture across the world. Growing construction industry in Asia-Pacific, Middle East and Africa is also expected to boost the market growth.
– Polyurethane segment led the market and is expected to grow over the forecast period, owing to increase in polyurethane coating applications in several industries including commercial, architectural and structural works, panels, furniture , etc
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– Strict environmental regulations may restrain the demand for wood coatings during the forecast period.
– There is a huge potential market for waterborne coatings in developing countries, due to the growing awareness of environmentally friendly products. This is likely to act as an opportunity for the market in the future.
– Asia-Pacific dominated the wood flooring market globally in 2018 and is expected to continue to lead the market over the forecast period, driven by strong growth in construction activities in countries like India.
Main market trends
Growing Furniture Production Worldwide Drives Market Growth
– With the increase in housing construction, population and income levels across the world, the demand for furniture, such as chairs, tables, beds, sofas, shelves and cupboards, has increased significantly.
– Moreover, with the rapid growth of the service sector, a large part of the population has moved to new locations, which is fueling the trend of hostels, co-living, guest houses and official premises. This is expected to increase the demand for various furniture products.
– In the furniture industry, the concepts related to the interior of houses, offices and apartments are constantly evolving. This stimulates innovation and development, mainly in terms of designs, sizes and colors, which is expected to increase the volume of furniture production across the world.
– In the furniture industry, wooden coatings are widely used. Thus, the increasing production volume of furniture across the globe augments the growth of the studied market.
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The Asia-Pacific region will dominate the market
The Asia-Pacific region led the global market share. China has the largest furniture sector in the world, which is booming thanks to increasing domestic and foreign demand. In India, the furniture and construction sectors have seen significant growth in recent times. Some of the key factors driving this growth include increased investment in the residential and commercial sector and government initiatives, such as “Home for All”. The entry of major furniture companies, like IKEA, is also expected to boost the growth of the furniture industry. Moreover, there has been a significant growth in public and private investment in the construction sectors of ASEAN countries in recent times. These factors are expected to help the Asia-Pacific region dominate the market over the forecast period.
The wood coatings market is consolidated, with the top three players accounting for almost 70% of the total revenue share. The three main companies in the market are, among others, Sherwin-Williams Company, AkzoNobel NV and PPG Industries.
1.1 Assumptions of the study
1.2 Scope of the study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increase in furniture production
4.1.2 Construction Industry Growth in Asia Pacific, Middle East and Africa
4.3 Industry Value Chain Analysis
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining power of suppliers
4.4.2 Bargaining power of consumers
4.4.3 Threat of new entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of competition
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